Compliance

ALEXANDRIA, Va. – NCUA on Thursday said video teller machines qualify as legitimate service facilities that will allow credit unions to establish membership in proximity to the new machines.

WASHINGTON – The Consumer Financial Protection Bureau on Tuesday said credit unions and banks with fewer than 100 remittances per year are exempt from a requirement that providers of international money transfers provide upfront fee disclosures.

NCUA's plans to introduce a new Office of National Examinations and Supervision has North Carolina's State Employees Credit Union, one of the four $10-billion-plus CUs that fall under ONES' supervision, wondering what the regulator's intent is.

LOS ANGELES – A state appeals court yesterday upheld a lower court ruling that CUNA Mutual Group’s CUMIS Insurance Society is not responsible for a $243,700 fraudulent home equity line of credit transfer overseas because the credit union making the bond claim did not comply with the insurer’s required security procedures before making the wire transfer.

COMSTAR FCU is prepared for the Sept. 30 interest rate risk management policy deadline, as well as for a quick, sharp rise in rates.

Fiserv's Orlando Hanselman is asking whether credit unions will make the interest rate risk deadline and if all the right CUs are paying attention to the rule?

NCUA has issued a Letter to Credit Unions regarding multi-featured open-end lending (MFOEL) and blended lending, and one person is predicting that the number of credit unions using open-end lending will continue to decline as a result.

Saying it is seeking to better allocate resources to address areas of greater risk, NCUA will introduce the Office of National Examinations and Supervision, Jan. 1, 2013.

Few issues are as common to or discussed more often among credit unions than regulatory examinations and examiners.

Orlando Hanselman offers a checklist for complying with NCUA's new rules on interest rate risk.

NASHVILLE, Tenn. -- NCUA announced this morning it is creating an office to examine the nation’s largest credit unions, the four over $10 billion in assets and corporates, as part of a reorganization of its examinations process.

LOS ANGELES – Xceed Financial FCU, the first of nine credit unions sued over their purported overdraft practices, has agreed to an out-of-court settlement of its case, short of the suit being proclaimed a class action and with both parties agreeing to pay their own legal fees.

WASHINGTON – The credit union lobby on Tuesday urged Congress to get the new Consumer Financial Protection Bureau to ease off credit unions and focus its attention on unregulated entities and big banks.

WASHINGTON-Credit unions sent a divided message to Congress last week on the effects of the Dodd-Frank Act.

MONTPELIER, Vt.-Vermont State Employees Credit Union (VSECU) is in a legal battle with the state's Department of Financial Regulation (DFR) over the CU's use of the term "bank" and "banking" in its marketing.

Credit unions should look at the new mortgage rules being proposed by the Consumer Financial Protection Bureau with a mixture of relief and trepidation.

WASHINGTON – The chairman of a leading community development credit union testified before Congress this morning her credit union has not been adversely affected by the additional regulations imposed under the Dodd-Frank Act, which she said has helped level the playing field for credit unions and community banks with bigger institutions and unregulated entities.

MONTPELIER, Vt. – In a spat that could have ramifications across the country, state regulators ordered Vermont State Employees CU to stop using words such as “bank” and “banking” in its marketing, communications and advertising, telling the state’s second-largest credit union those words are reserved for banks only.

Visa and MasterCard repeatedly have been targets of legal actions and legislation over their policies. It has cost them and their issuers billions over the years in settlements and lost revenue.

OMAHA, Neb. -- A federal court Friday dismissed an ATM suit against Mutual First FCU over the disclosure provisions of the Electronic Funds Transfer Act because the plaintiff in the suit was unable to show proof that he had used the credit union’s ATM.